Khorgos Gateway Dry Port Privatization

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The project involves the privatization of 49% of Khorgos Gateway Dry Port, located within the Khorgos Eastern Gate SEZ. The special purpose vehicle used for the partial acquisition of the port is Khorgos Gateway. Khorgos Gateway is equally owned by two Chinese companies - China COSCO Shipping Corporation (state - owned) and Jiangsu Lianyungang Port Co (subsidiary of Lianyungang Port Group, which a a private company listed on the stock exchange in Shanghai). As a result, each will hold 24.5 percent of the dry port. The dry port is about 15 km from the Khorgos port in China's Xinjiang Uygur autonomous region on the border of the two countries. From the port, railway cargo can reach Lianyungang in east China's Jiangsu in five days and reach Europe in about 10 days. The acquisition agreement was signed between the two Chinese companies and Kazakhstan's national railway company at the Belt and Road summit in Beijing on May 15. Definitive agreement and financial close were reported as on October 30th, 2017. The privatization is wholly equity financed. https://www.forbes.com/sites/wadeshepard/2017/05/26/new-silk-road-china-takes-a-49-cut-of-khorgos-gateway-a-major-overland-silk-road-port/#548e6f021373 Lianyungang Port Group to be added to sponsors' list.